McKay, 60, appeared at Leeds Crown Court accused of two counts of fraud under the Insolvency Act.
The defendant, who has represented a number of high-profile football stars, is expected to go on trial next year.
The court heard that McKay is accused of "fraudulent disposal of property" by making gifts or transferring property totalling £63,100 in December 2014 while he was bankrupt.
The details of the two charges are that he allegedly gifted a £9,100 Rolex Datejust II watch bought in Leeds on December 14 2014 and, a day later, purchased a £54,000 Jaguar XK5 car in Doncaster as a gift.
McKay appeared in the dock wearing a navy suit and navy and white striped tie and spoke only to enter his not guilty pleas and to confirm his name, date of birth and nationality as Scottish.
Addressing the defendant, Judge Andrew Stubbs QC said: "I understand your defence is a straightforward one, that you accept what the prosecution say you did but you were not doing anything wrong."
Kerrie Ann Rowan, defending McKay, said the defence had made an application to have the case transferred from Leeds to a London court.
Judge Stubbs said he was unable to deal with the application and another judge would decide if a transfer was appropriate.
He said: "This is the only hearing there will be before your trial, which, at the moment, is listed here on September 14.
"I know there is an application to move that case, that's not a decision I can make today."
McKay was given conditional bail until his trial, which is expected to last around three days.